To date, MVR 9.2 billion has been issued from banks towards personal loans and credit cards this year.
Data from the central bank, Maldives Monetary Authority, shows that amounts issued in July exceeds figures from July last year by 15 percent.
In May last year, the amount issued for credit cards and personal loans reached MVR 8 billion.
At the start of 2026, the amount issued as personal loans and for credit cards stood at MVR 8.7 billion. Hence, the figure has increased by approximately MVR 450 million as of now this year.
Credit card and personal loan spending has increased markedly over the past five years. As per MMA records, in 2022 the figure was at MVR 4.5 billion. This shows that by now, the figure has practically doubled. The figures indicate the rise in loans taken from banks by the public from year to year.
At the end of last year, the figure stood at MVR 8.5 billion.
Figures over the past 5 years
- 2022: MVR 4.5 billion
- 2023: MVR 5.6 billion
- 2024: MVR 7.2 billion
- 2025: MVR 8.5 billion
- 2026: MVR 9.2 billion (as of July end)
The data indicates that this figure has risen by a billion on average from year to year. The biggest increase was recorded between 2023 and 2024, amounting to MVR 2.1 billion.
Other loans issued from banks has also increased by 16 percent. By end of July this year, this figure is at MVR 41.3 billion, compared to MVR 35.6 billion at the same time last year.
